Meeting Minutes

10.18.16 Minutes of the Regular Meeting of the Board of Directors of The Bitcoin Foundation

Minutes of The Bitcoin Foundation Board Meetingheld on October 18, 2016

Present:

Llew Claasen (Executive Director)

Brock Pierce (Chairman)

Bruce Fenton

Bobby Lee

Vinny Lingham

Elizabeth McCauley

Francis Pouliot

Michael Purkis

Approval of the agenda

The agenda for the meeting was approved by the Board.

Resolution to approve minutes for board meeting held on September 20th

The minutes of the board meeting held on September 20th were approved by the Board.

September 2016 financial update

Revenue from any sources, including membership dues was $119.

The Foundation had $14,071 in USD and BTC at the end of September 2016.

Operating expenses (excluding Unrealized exchange loss of $866) were $9,681, largely due to $3,740 paid to the financial controller (last month before switch to hourly rate0 & $4,000 to the ED & his assistant.

Update on progress made with operationalizing plans, esp. Friends of the Bitcoin Foundation

The board requested at the previous meeting that Francis, Vinny and Michael be given an opportunity to comment on the new branding before it was finalized. Minor copy changes were made following those consultations before the branding & marketing materials for the manifesto and the Friends of the Bitcoin Foundation was similarly approved by these board members.

Llew advised the board that he held off on relaunch plans, originally scheduled for the end of September 2016, until after Scaling Bitcoin Milan which took place during 8-9 October 2016 following an alternative strategy proposed for the foundation by Barry Silbert during a call with Llew on Sep 30th.

Scaling Bitcoin provided Llew with the perfect opportunity to test plan assumptions and re-engage with key community members. Llew came away from the conference confident that 2016 plan is viable.

Llew further spoke at a securities registry (STRATE) & financial services blockchain conference in South Africa on Oct 13 and encouraged financial institutions & regulators to engage with the Bitcoin community and to re-check their assumptions about intent and underlying technology of Bitcoin compared to alternatives. It’s Llew’s view that it would be better for the financial services industry not to view Bitcoin as the anti-bank, which would more likely result in tough regulations.

Llew notified the board of an opportunity for the foundation to send a speaker & sponsor a developer training track at the Botswana Blockchain Summit on November 15th and that this would provide a relatively inexpensive way to kick off developer training and regulator engagement plans. Our financial participation would be expected to be $2,000 – $3,000 and we would need this money to come from new funding via the Friends program.

The current fundraising plan was to send the new Bitcoin Foundation Manifesto early notice to lifetime members via email on Oct 18, followed by a press release about the manifesto on Oct 19. Finally, Llew would send the Friends of Bitcoin Foundation collateral to board members for fundraising to commence on Oct 20th. In addition, it was expected that a reskinned website, including individual membership plans, would launch on November 15th.